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Energy Transfer LP (ET) guidance and outlook
Energy Transfer LP (ET) raised its guidance on Nov 3, 2026: EBITDA $19.7B–$19.9B for FY2026. Energy Transfer LP's 10-Q filed Nov 5, 2026 makes 10 forward-looking statements, 5 of them new and 0 no longer said since the filing before.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| EBITDA | FY2026 | $19.7B–$19.9B | raised |
From the earnings release filed Nov 3, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 5, 2026
- new · • a decrease of $55 million in operating expenses primarily due to a $49 million decrease in ad valorem taxes including a $43 million reduction from the resolution of a prior period ad valorem tax obligation on our Rover system in 2025, a $9 million decrease in the revaluation of system gas and other system gas activity, and a $6 million decrease in project related expenses, partially offset by a $4 million…
- new · • an increase of $177 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $143 million increase resulting from more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods) and a $35 million incre ase in refined product margins as a result of higher spreads;
- new · • an increase of $531 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $354 million increase resulting from more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods), a $112 million increase in refined product margins as result of higher spreads, and…
- new · • an increase of $127 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $193 million increase from crude marketing activities due to more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods) and a $7 million increase from crude terminal revenue.
- new · • an increase of $323 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) due to a $365 million increase from crude marketing activities due to more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods), a $30 million increase in gathering revenue, and a $7 million increase…
- Our ability to satisfy obligations and pay distributions to unitholders will depend on our future performance, which will be subject to prevailing economic, financial, business and weather conditions, and other factors, many of which are beyond management’s control.
- We currently expect capital expenditures in 2026 to be approximately as follows (including capitalized interest and overhead and only our proportionate share for joint ventures, but excluding capital expenditures related to our investments in Sunoco LP and USAC):
- However, we have included these factors in our anticipated growth capital expenditures for each year.
- Changes in capital expenditures between periods primarily result from increases or decreases in our growth capital expenditures to fund our construction and expansion projects.
- If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or expected.
Energy Transfer LP's latest quarter
Energy Transfer LP, Q3 2026: revenue $37.1B (+86% year over year), operating margin 7.5%, net earnings $1.2B, operating cash flow $4.0B. The chart follows the revenue to costs, profit and cash.
Questions
Did Energy Transfer LP raise or lower its guidance?
Energy Transfer LP (ET) raised its guidance on Nov 3, 2026: EBITDA $19.7B–$19.9B for FY2026.
What does Energy Transfer LP expect?
• a decrease of $55 million in operating expenses primarily due to a $49 million decrease in ad valorem taxes including a $43 million reduction from the resolution of a prior period ad valorem tax obligation on our Rover system in 2025, a $9 million decrease in the revaluation of system gas and other system gas activity, and a $6 million decrease in project related expenses, partially offset by a $4 million… • an increase of $177 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $143 million increase resulting from mo
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.